Mortgage Daily Sept. 14, 2018On Thursday the House Financial Services Committee approved House Bill H.R. 5534, the Give Useful Information to Define Effective Compliance Act, by a 34-17 vote.
Category: Top National News
New York Sues U.S. to Stop Fintech Bank Charters
Reuters, Sept. 14, 2018–Jonathan StempelMaria Vullo, superintendent of New York’s Department of Financial Services, called the July 31 decision by the Office of the Comptroller of the Currency to let financial technology companies, or fintech firms, obtain charters “lawless, ill-conceived, and destabilizing of financial markets.”
National MI Names New CEO
Mortgage Daily, Sept. 14, 2018Bradley Shuster will relinquish his CEO role at the end of this year. He’ll stay on as executive chairman, though. Claudia Merkle will take the reins from Shuster on Jan. 1, 2019. She’ll also join the board of directors.
Banks are Running Out of Time to Regain Public Trust
American Banker, Sept. 14, 2018–Victoria Finkle (subscription)It’s not exactly news that banks have seen their reputation with the public tumble since the financial crisis, but what gets talked about less frequently is what’s at risk for the industry if it can’t turn public opinion around.
House Panel Moves Bills on Broker Deposits, CFPB–Will Senate Bite?
American Banker, Sept. 13, 2018–Neil Haggergy (subscription)The House Financial Services Committee advanced a dozen bills Thursday, including bipartisan measures to revise the definition of deposit brokers and to require the Consumer Financial Protection Bureau to establish a process for issuing guidance.
Millions of Americans Still Trapped in Debt-Logged Homes Ten Years After Crisis
Reuters, Sept. 14, 2018-Michelle Conlin, Robin Respaut”The markets that came roaring back are the coastal markets,” said Mark Zandi, chief economist at Moody’s Analytics. He said land restrictions and sales to international buyers have helped buoy demand in those areas. “In the middle of the country, you have more flat-lined economies. There’s no supply constraints. All of these things have weighed on prices.”
Homebuyers are Making Larger Down Payments as Loan Volume Keeps Falling
National Mortgage News, Sept. 13, 2018–Paul Centopani (subscription)The median down payment on single-family homes and condos purchased with financing reached its highest point since the data was first recorded in 2000’s opening quarter, according to Attom Data Solutions.
Fannie Moving $5 Bil in Loans Off Balance Sheet
Mortgage Daily, Sept. 14, 2018More than $5 billion in residential loans are being moved out of the mortgage investment portfolio of Fannie Mae. The loans are nonperforming and reperforming.
Before It Was Hacked, Equifax Had a Different Fear: Chinese Spying
Wall Street Journal, Sept. 12, 2018–Aruna Viswanatha, Kate O’Keefe (subscription)Two years before Equifax Inc. stunned the world with the announcement it had been hacked, the credit-reporting company believed it was the victim of another theft, only this time at the hands of Chinese spies, according to people familiar with the matter.
The Epicenter of the Housing Bust Is Booming Again. (That’s a Warning Sign.)
New York Times, Sept. 12, 2018–Matthew Goldstein, Robert Gebeloff, Ross Mantle, Matt RubyHousing prices in North Las Vegas are rising so fast that many communities are no longer affordable. Much of the new construction is at the high end, keeping out many first-time homeowners. Some cannot come up with money for a down payment, while others are wary of getting back into a market that once burned them.